```
REGISTERED COMPANY NUMBER: 04617788 (England and Wales)
REGISTERED CHARITY NUMBER: 1130797
```
```
Report of the Trustees and
```
```
Financial Statements
```
```
for the Year Ended 31 March 2023
```
```
for
```
```
West Itchen Community Trust Limited
```
```
Bennewith 2018 Limited (Statutory Auditors)
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
```
```
West Itchen Community Trust Limited
```
## **`Contents of the Financial Statements for the Year Ended 31 March 2023`**
|||**`Page`**||
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`5`|
|**`Report of the Independent Auditors`**|`6`|`to`|`9`|
|**`Statement of Financial Activities`**||`10`||
|**`Balance Sheet`**|`11`|`to`|`12`|
|**`Cash Flow Statement`**||`13`||
|**`Notes to the Cash Flow Statement`**||`14`||
|**`Notes to the Financial Statements`**|`15`|`to`|`29`|
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Report of the Trustees for the Year Ended 31 March 2023`**
```
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31March2023.Thetrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
```
```
WestItchenCommunityTrustLimitedwasregisteredasacharityon28July2009.Itwasincorporatedon16 December
2002 and is governed by Memorandum and Articles of Association.
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims WEST ITCHEN COMMUNITY TRUST MISSION STATEMENT`**
```
TobeanindependentTrusttocontinuewiththeregenerationoftheSouthamptonarea,tochampionitsneedsand to
assist the aspirations of the people living and working there.
```
```
To develop the assets of the Trust and to assist other organisations in the area bid for funds.
```
## **`Objectives:`**
```
TheobjectsoftheCharityaretopromoteanycharitablepurposeforthebenefitprincipallyofpeopleliving in
Southampton, and its environs, including:
```
- `The relief of poverty and the improvement of the conditions of life for those experiencing social and economic disadvantage;`
- `The preservation, conservation and improvement of the environment;`
- `Developing the capacity and skills of the members of the socially and economically disadvantaged community of Southampton in such a way that they are better able to identify, and help meet, their needs and to participate more fully in society;`
- `The promotion of religious and racial harmony, and of equality and diversity.`
## **`Public benefit`**
```
Theobjectivesaboveset outourmainactivitiesandthepeoplethecompanyaimstohelp.Allof ourcharitable activities
focus on these objectives and are undertaken to further our charitable purposes for the public benefit.
```
```
Page 1
```
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Report of the Trustees for the Year Ended 31 March 2023`**
## **`STRATEGIC REPORT`**
## **`Achievement and performance`**
```
West Itchen CommunityTrust endeavoursto achieve its mission by offeringa series of services that are supported through
incomegenerationactivity;thisiseithercommerciallythroughitspropertyportfolioorbyattractingspecificfunding. In
planningthe activitiesundertakenfor the year ahead,the Trust consultswith its membershipand offers an opportunity to
voteonnumerouscommunityconcernsthatcanbeaddressedinlinewiththemissionstatementandobjectives. Those
priorities are then adopted at the AGM.
```
```
TheTrustemploys3 membersof staffandsomecontractedagentstomanageanddelivertheservicesanddealwith the
day to day operational issues.
```
```
Main delivery against the charitable objectives is through the following:
```
## **`Community Support`**
```
AlthoughWICTarenotcurrentlyinreceiptofgrantfundingforcommunitysupport,throughourcommunitybuildings, 7
ofwhicharefreeholdownedbyWICT,wedonotchargeexistingcharitiesandcommunitygrouptooccupy those
buildings.Mosthaveregularusersthatsupportthegroupswithinoccupation.Inourownheadoffice numerous
communitygroupsregularlyusethefacilities.Activitiesofferedatthecentresincluded,homeworkclubs,AAand health
and mental well-being projects and a gardening group.
```
## **`Summary`**
```
WestItchenCommunityTrustisstrivingtodevelopitsincomestreamthroughsoundinvestmentinordertorespond to
increasingcommunityneeds,whilethesectorandourcommunitiesfacesignificantausteritymeasures, increasing
inflationandreducedincome.TheimpactofCovidandthelockdownsimpactedsignificantlyonourincome streams,
numerouscharitiesandbusinessesfailingmeantreducedincomethroughouttheyear.Duringthisperiodwe have been
tryingtore-establishbaselineincomefromourcommercialassets,includingtheAcornBusinessPark,offering30 light
industrialbusinessunitsto helpattractandsupportsmall to mediumbusinessesto encourageemployment opportunities
and business growth. Income had fallen dramatically and the Trust and its staff were tasked with rebuilding the portfolio.
While the Trust continuesto rebuildits income as a result of Covid, it has been furtherimpactedby spirallinginterest rates
againstborrowing,thathavecosttheTrustanadditional£31Kin2022-23andrisingenergycoststhathaveincreased by
£19.5k to expenditure compared to the year before.
```
## **`Exceptional Item`**
```
Duringcontinualfinancialproceduresthetrusteesweremadeawareofaseriouseventwhichrequired immediate
notificationto the CharityCommission.Fraud had been detected coveringa period of four months from January2022. The
amountstakenfromthecharitywere£560:2022and£1,206:2023.Fulldisclosureandco-operationwiththe Charity
Commissionwas followedand the CharityCommissionagreedthat the correctprocedureshad been followedboth during
andaftertheevent.Thepersoninvolvedco-operatedandhaspaidbackallmonies,theywerepermittedtostayin post
duetoextenuatingpersonalcircumstanceswhichcontributedtothesituation.Measureswereinplacetoavoid this
situation but unfortunately due to Covid and staffing levels they were deemed not robust enough.
```
```
A full VAT audit was undertakenby HMRC duringthis year for the previoussix years of transactionsand concludedwith no
adjustments or recommendations to be made. This has reassured the Trustees of their financial procedures.
```
```
Page 2
```
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Report of the Trustees for the Year Ended 31 March 2023`**
## **`STRATEGIC REPORT`**
## **`Financial review`**
## **`Reserves policy`**
```
Thepolicyofthecharityistohold3monthsofoverheads'expenditureinunrestrictedfreereserves,where possible.
However,in recentyearsourfree reserveshavebeeninvestedintodevelopingthe propertyportfolioandwe are seeking
to rebuild our reserves in future years.
```
```
Free reserves at 31 March 2023 were £.2,548,124 (2022: £2,596,780).
```
```
A summary of the Charity'sfinancialperformanceis shown on pages 10 and 11. The charitymade a deficit for the year of £
74,736 . (2022: surplus of £2,274). The total reserves at the end of the year were £ 2,548,124 (2022: £2,622,860).
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
```
## **`Recruitment and appointment of new trustees`**
```
West Itchen CommunityTrust uses a wide variety of methods to recruit Trustees. Some are recruitedby word of mouth; or
whentheappropriateopportunityrisesactivecommunitymembersorlocalbusinesschampionsmaybe approached,
nominationsare invitedat the AnnualGeneralMeetingif requiredand invitationsare includedwithinour newsletter. The
Trusteesfeelitisimportanttohaveasdiverseaboardaspossibleandonewhichrepresentsthecommunitywe serve,
with the appropriate skills to meet the challenges.
```
```
Currentlytheboardoffersa widerangeof businessskillsandvoluntarysectorexperience,providingexcellentsupport to
theChiefExecutive.Broadly,alldaytodayoperationaldecisionsaremadebytheChiefExecutiveandtheteam.At any
time he may call on the particular expertise of individual trustees for guidance.
```
```
The Boardconcentrateon the strategicdirectionof the organisation.Often, the Chief Executiveand the Chairmanwill talk
withaprospectivetrusteeandthentheywillbeinvitedtoattendboardmeetingstoconsidersuitability.New board
membersarethenco-optedtotheboarduntilfullelectionatthefollowingAGM.Aninductionprocessisinplace to
ensure the Trustees are equipped with the skills, knowledge and understanding of their responsibilities for governance.
```
## **`Risk management`**
```
Thetrusteesaresatisfiedthatthemajorriskstowhichthecharityisexposed,asidentifiedbythetrustees,are being
reviewed, and systems are being established to mitigate those risks.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`**
```
04617788 (England and Wales)
```
## **`Registered Charity number`**
```
1130797
```
## **`Registered office`**
```
Ropewalk
53 Derby Road
Southampton
SO14 0DJ
```
```
Page 3
```
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Report of the Trustees for the Year Ended 31 March 2023`**
## **`Trustees`**
```
N C Cato
H C Jackson
V M Scott
S Barnes-Andrews (resigned 21.1.24)
J Connelly (appointed 12.9.23)
```
## **`Company Secretary`**
```
R A Harwood
```
## **`Auditors`**
```
Bennewith 2018 Limited (Statutory Auditors)
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
```
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`**
```
Thetrustees(whoarealsothedirectorsofWestItchenCommunityTrustLimitedforthepurposesofcompanylaw) are
responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelaw and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
```
```
Companylaw requiresthe trusteesto preparefinancialstatementsforeachfinancialyearwhichgive a trueandfair view
of the state of affairsof the charitablecompanyand of the incomingresourcesand applicationof resources,including the
incomeandexpenditure,of thecharitablecompanyforthatperiod.Inpreparingthosefinancialstatements,the trustees
are required to
```
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charity SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.`
```
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatany time
thefinancialpositionof thecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomply with
theCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
```
```
In so far as the trustees are aware:
```
- `there is no relevant audit information of which the charitable company's auditors are unaware; and`
- `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.`
## **`AUDITORS`**
```
Theauditors,auditorsBennewith2018Ltd,Bennewith2018Limited(StatutoryAuditors)willbeproposed for
re-appointment at the forthcoming Annual General Meeting.
```
```
Page 4
```
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Report of the Trustees for the Year Ended 31 March 2023`**
```
Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,asthe company
directors, on 27 March 2024 and signed on the board's behalf by:
```
```
N C Cato - Trustee
```
```
Page 5
```
## **`Report of the Independent Auditors to the Members of West Itchen Community Trust Limited`**
## **`Opinion`**
```
We have auditedthe financialstatementsof West ItchenCommunityTrust Limited(the 'charitablecompany')for the year
ended31March2023whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCashFlow Statement
andnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthat has been appliedin their preparationis applicablelaw and UnitedKingdomAccountingStandards (United
Kingdom Generally Accepted Accounting Practice).
```
```
In our opinion the financial statements:
```
- `give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;`
- `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and`
- `have been prepared in accordance with the requirements of the Companies Act 2006.`
## **`Basis for opinion`**
```
We conductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththe ethical
requirementsthat are relevantto our auditof the financialstatementsin the UK, includingthe FRC's EthicalStandard, and
wehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethatthe audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
```
## **`Conclusions relating to going concern`**
```
In auditingthe financialstatements,we have concludedthatthe trustees'use of the goingconcernbasisof accounting in
the preparation of the financial statements is appropriate.
```
```
Basedon the workwe have performed,we have notidentifiedanymaterialuncertaintiesrelatingto eventsor conditions
that,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasa going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
```
```
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.
```
## **`Other information`**
```
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
```
```
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.
```
```
Inconnectionwithourauditof thefinancialstatements,ourresponsibilityis toreadtheotherinformationand,in doing
so,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorour knowledge
obtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistencies or
apparentmaterialmisstatements,we are requiredto determinewhetherthisgivesrise to a materialmisstatementin the
financialstatementsthemselves.If,basedontheworkwehaveperformed,weconcludethatthereisa material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
```
## **`Opinions on other matters prescribed by the Companies Act 2006`**
```
In our opinion, based on the work undertaken in the course of the audit:
```
- `the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and`
- `the Report of the Trustees has been prepared in accordance with applicable legal requirements.`
```
Page 6
```
```
Report of the Independent Auditors to the Members of
West Itchen Community Trust Limited
```
## **`Matters on which we are required to report by exception`**
```
In the lightof the knowledgeand understandingof the charitablecompanyand its environmentobtainedin the course of
the audit, we have not identified material misstatements in the Report of the Trustees.
```
```
We have nothingto reportin respect of the followingmatters where the CompaniesAct 2006 requiresus to reportto you
if, in our opinion:
```
- `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or`
- `the financial statements are not in agreement with the accounting records and returns; or`
- `certain disclosures of trustees' remuneration specified by law are not made; or`
- `we have not received all the information and explanations we require for our audit.`
## **`Responsibilities of trustees`**
```
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyfor the purposesof companylaw) are responsiblefor the preparationof the financialstatements and
forbeingsatisfiedthattheygive a trueandfairview,andforsuchinternalcontrolas the trusteesdetermineis necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
```
```
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueas a goingconcern,disclosing,as applicable,mattersrelatedto goingconcernandusingthe goingconcern basis
ofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,orhave no
realistic alternative but to do so.
```
```
Page 7
```
```
Report of the Independent Auditors to the Members of
West Itchen Community Trust Limited
```
## **`Our responsibilities for the audit of the financial statements`**
```
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whether due to fraud or error, and to issue a Report of the IndependentAuditorsthat includes our
opinion.Reasonableassuranceis a highlevel of assurance,butis nota guaranteethatan auditconductedin accordance
withISAs (UK) willalwaysdetecta materialmisstatementwhenit exists.Misstatementscan arisefrom fraudor error and
areconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybe expectedtoinfluencethe economic
decisions of users taken on the basis of these financial statements.
```
```
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
```
```
We obtainedanunderstandingof thelegalandregulatoryframeworksthatareapplicableto thecharityand determined
themostsignificantarethosethatrelatetoFRS102,theCharitiesSORP(FRS102),theCharitiesAct2011and the
CompaniesAct2006.Weassessedtheextentofcompliancewiththelawsandregulationsidentifiedabove through
making enquiries of management.
```
```
We assessed the risks of material misstatement in respect of fraud as follows:
```
- `Enquiries were made of management and those charged with governance`
- `We reviewed the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations`
- `Analytical procedures were used to identify if there were any unusual or unexpected relationships`
- `Discussions were held with management to identify any fraud risk factors of related party relationships and transactions`
```
Basedontheresultsof ourriskassessmentwe designedourauditprocedurestoidentifynon-compliancewithsuch laws
and regulations identified above.
```
```
Enquiriesweremadeofmanagementandthosechargedwithgovernance.Wecorroboratedourenquiriesthrough the
review of Trustees' minutes and other papers provided. There was no contradictory evidence.
```
```
Wereviewedandtestedinternalcontrolsaspartofourroutinetestingoftransactions.Wedidnotfindany significant
departures from internal control procedures.
```
```
Weconsideredtheriskoffraudthroughmanagementoverrideand,inresponse,weincorporatedtestingof manual
journalentries into our audit approach.We tested year end journalsas well as journalentries throughoutthe year. There
were no transactions identified outside the normal course of business.
```
```
Basedontheresultsofourriskassessmentwedesignedourauditprocedurestoidentifyandtoaddress material
misstatementsin relationto fraud.We incorporatedan element of unpredictabilityin the selectionof the nature, timing,
and extent of audit procedures.
```
```
Wheretransactionsmeetingriskcriteriawereidentified,we carriedoutfurtherworksuchas additionaltestingto source
information.
```
```
A furtherdescriptionof ourresponsibilitiesfortheauditof thefinancialstatementsis locatedontheFinancial Reporting
Council'swebsite at www.frc.org.uk/auditorsresponsibilities.This descriptionforms part of our Reportof the Independent
Auditors.
```
```
Page 8
```
## **`Report of the Independent Auditors to the Members of`**
## **`West Itchen Community Trust Limited`**
## **`Use of our report`**
```
This reportis made solely to the charitablecompany'smembers, as a body,in accordancewith Chapter3 of Part 16 of the
CompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitablecompany's members
thosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharitablecompanyand the
charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
```
```
A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DChA, FRSA (Senior Statutory Auditor)
for and on behalf of Bennewith 2018 Limited (Statutory Auditors)
Upper Ground Floor
18 Farnham Road
Guildford
Surrey
GU1 4XA
```
```
27 March 2024
```
```
Page 9
```
```
West Itchen Community Trust Limited
```
## **`Statement of Financial Activities`**
## **`for the Year Ended 31 March 2023`**
|`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`2`
**`Charitable activities`**
`4`
`Charitable activities`
`Other trading activities`
`3`
`Other income`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
`5`
**`Charitable activities`**
`6`
`Charitable activities`
`Support Costs`
`Other`
`8`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
`19`
**`Other recognised gains/(losses)`**
`Gains on revaluation of fixed assets`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**|`Unrestricted`
`funds`
`£`
`-`
`-`
`326,488`
`-`
`326,488`
`-`
`-`
`21,693`
`379,531`
`401,224`
`(74,736)`
`26,080`
`-`
`(48,656)`
`2,596,780`
`2,548,124`|`Restricted`
`funds`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`(26,080)`
`-`
`(26,080)`
`26,080`
`-`|`31.3.23`
`Total`
`funds`
`£`
`-`
`-`
`326,488`
`-`
`326,488`
`-`
`-`
`21,693`
`379,531`
`401,224`
`(74,736)`
`-`
`-`
`(74,736)`
`2,622,860`
`2,548,124`|`31.3.22`
`Total`
`funds`
`£`
`55,125`
`21,274`
`302,822`
`9,643`|
|---|---|---|---|---|
|||||`388,864`|
|||||`298`
`32,684`
`23,119`
`330,489`|
|||||`386,590`|
|||||`2,274`
`-`
`650,000`|
|||||`652,274`
`1,970,586`|
|||||`2,622,860`|
```
The notes form part of these financial statements
```
```
Page 10
```
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Balance Sheet 31 March 2023`**
|`Notes`
**`FIXED ASSETS`**
`Tangible assets`
`13`
`Investment property`
`14`
**`CURRENT ASSETS`**
`Debtors`
`15`
`Cash at bank`
**`CREDITORS`**
`Amounts falling due within one year`
`16`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`CREDITORS`**
`Amounts falling due after more than one year`
`17`
**`NET ASSETS`**|`Unrestricted`
`funds`
`£`
`794,687`
`3,737,975`
`4,532,662`
`96,025`
`39,826`
`135,851`
`(182,398)`
`(46,547)`
`4,486,115`
`(1,937,991)`
`2,548,124`|`Restricted`
`funds`
`£`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`|`31.3.23`
`Total`
`funds`
`£`
`794,687`
`3,737,975`
`4,532,662`
`96,025`
`39,826`
`135,851`
`(182,398)`
`(46,547)`
`4,486,115`
`(1,937,991)`
`2,548,124`|`31.3.22`
`Total`
`funds`
`£`
`805,485`
`3,737,975`|
|---|---|---|---|---|
|||||`4,543,460`
`46,672`
`168,211`|
|||||`214,883`
`(118,889)`|
|||||`95,994`|
|||||`4,639,454`
`(2,016,594)`|
|||||`2,622,860`|
```
The notes form part of these financial statements
```
```
continued...
```
```
Page 11
```
```
West Itchen Community Trust Limited (Registered number: 04617788)
```
## **`Balance Sheet - continued`**
## **`31 March 2023`**
|**`FUNDS`**
`19`
`Unrestricted funds:`
`General fund`
`Revaluation Reserve`
`Restricted funds`
**`TOTAL FUNDS`**|`1,643,460`
`904,664`
`2,548,124`
`-`
`2,548,124`|`1,692,115`
`904,665`|
|---|---|---|
|||`2,596,780`|
|||`26,080`|
|||`2,622,860`|
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon27March2024and were
signed on its behalf by:
```
```
N C Cato - Trustee
```
```
The notes form part of these financial statements
```
```
Page 12
```
```
West Itchen Community Trust Limited
```
|**`Cash flows from operating activities`**
`Cash generated from operations`
`Interest paid`
`Net cash used in operating activities`
**`Cash flows from investing activities`**
`Purchase of tangible fixed assets`
`Rental income from investment property`
`Net cash provided by investing activities`
**`Cash flows from financing activities`**
`New loans in year`
`Loan repayments in year`
`Net cash used in financing activities`
**`Change in cash and cash equivalents in the`**
**`reporting period`**
**`Cash and cash equivalents at the beginning`**
**`of the reporting period`**
**`Cash and cash equivalents at the end of the`**
**`reporting period`**|**`Cash Flow Statement`**
**`for the Year Ended 31 March 2023`**
`31.3.23`
`Notes`
`£`
`1`
`(296,126)`
`(99,288)`
`(395,414)`
`-`
`326,488`
`326,488`
`1,920,000`
`(1,979,459)`
`(59,459)`
`(128,385)`
`168,211`
`39,826`|`31.3.22`
`£`
`(234,108)`
`(63,457)`
`(297,565)`
`(117)`
`302,822`
`302,705`
`1,932,568`
`(1,986,202)`
`(53,634)`
`(48,494)`
`216,705`
`168,211`|
|---|---|---|
||`Notes`
`1`||
```
The notes form part of these financial statements
```
```
Page 13
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Cash Flow Statement`**
## **`for the Year Ended 31 March 2023`**
|**`1.`**
**`RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`**
`31.3.23`
`£`
**`Net (expenditure)/income for the reporting period (as per the Statement`**
**`of Financial Activities)`**
`(74,736)`
**`Adjustments for:`**
`Depreciation charges`
`10,798`
`Interest paid`
`99,288`
`Rental income from investment property`
`(326,488)`
`Increase in debtors`
`(49,353)`
`Increase in creditors`
`44,365`
**`Net cash used in operations`**
`(296,126)`|`31.3.22`
`£`
`2,274`
`12,268`
`63,457`
`(302,822)`
`(17,497)`
`8,212`
`(234,108)`|
|---|---|
## **`2.`**
## **`ANALYSIS OF CHANGES IN NET DEBT`**
||`At 1.4.22`|`Cash flow`|`At 31.3.23`|
|---|---|---|---|
||`£`|`£`|`£`|
|**`Net cash`**||||
|`Cash at bank`|`168,211`|`(128,385)`|`39,826`|
||`168,211`|`(128,385)`|`39,826`|
|**`Debt`**||||
|`Debts falling due within 1 year`|`(58,847)`|`310`|`(58,537)`|
|`Debts falling due after 1 year`|`(1,920,544)`|`59,149`|`(1,861,395)`|
||`(1,979,391)`|`59,459`|`(1,919,932)`|
|**`Total`**|`(1,811,180)`|`(68,926)`|`(1,880,106)`|
```
The notes form part of these financial statements
```
```
Page 14
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements for the Year Ended 31 March 2023`**
## **`1. ACCOUNTING POLICIES`**
## **`Basis of accounting`**
```
Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,exceptforinvestments which
are includedat marketvalue and the revaluationof certainfixed assets and in accordancewith the Charities SORP
(FRS102)'AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republic of
Ireland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicable in the UK and Republic of Ireland' (FRS 102), the Charities Act 2011 and the Companies Act 2006.
```
```
Thefinancialstatementsarepreparedinsterling,whichisthefunctionalcurrencyofthecharitable company.
Monetary amounts in these financial statements are rounded to the nearest pound.
```
```
WestItchenCommunityTrustLimitedmeetsthedefinitionofapublicbenefitentityunderFRS102.Assets and
liabilitiesareinitiallyrecognisedathistoricalcostortransactionvalueunlessotherwisestatedinthe relevant
accounting policy note(s).
```
## **`Going concern`**
```
Aftermakingappropriateenquiries,thetrusteeshaveareasonableexpectationthatthecharityhas adequate
resources to continue in operational existence for the foreseeable future.
```
```
For this reason, they continue to adopt the going concern basis in preparing the financial statements.
```
## **`Incoming resources`**
```
AllincomingresourcesareincludedintheStatementofFinancialActivitieswhenthecharityislegallyentitled to
theincome,itisprobablytheincomewillbereceived,andtheamountcanbequantifiedwith reasonable
accuracy.Donationsandotherformsofvoluntaryincomearerecognisedasincomewhenreceivable, except
where they are incapable of financial measurement.
```
```
Incomefrominvestmentisrecognisedwhenreceivableandtheamountcanbemeasuredreliablybythe charity.
Rentalincomeforminvestmentpropertyleasedoutunderoperatingleasesisrecognisedinthestatement of
comprehensive income on a straight-line basis over the length of the lease and net of VAT.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitablecompanycharityto thatexpenditure,it is probablethata transferof economicbenefitswill be required
insettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforon an
accrualsbasisandhasbeenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Where costs
cannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasis consistent
with the use of resources.
```
## **`Allocation and apportionment of costs`**
```
Costs of charitableactivitiescomprise all costs incurredin the pursuitof the charitableobjects of the charity. These
costs,where not whollyattributable,are apportionedbetweencategoriesof charitableexpenditurein addition to
thedirectcosts.Thetotalcostsofeachcategoryofcharitableexpenditureincludeanapportionmentof support
costs where required.
```
## **`Tangible fixed assets`**
```
Tangiblefixedassets,otherthanfreeholdland,are statedat costor valuationless depreciationandany provision
forimpairment.Depreciationisprovidedatratescalculatedtowriteoffthecostorvaluationoffixedassets, less
their estimated residual value, over their expected useful lives on the following basis:
```
```
Fixtures and Fittings - 25% reducing balance basis
```
```
continued...
```
```
Page 15
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`1. ACCOUNTING POLICIES - continued`**
## **`Tangible fixed assets`**
```
Computer Equipment - 33% reducing balance basis
```
```
The Trusteeshave a policyof obtaininga professionalvaluationonce every three years for tangiblefixed assets on
a rolling basis.
```
```
Leaseholdpropertyis statedat costorvaluationless amortisation.Amortisationis providedat ratescalculated to
write off the cost or valuation of the leasehold, on a 2% straight line basis.
```
## **`Investment property`**
```
Investmentpropertyisshownatmostrecentvaluation.Anyaggregatesurplusordeficitarisingfromchanges in
fair value is recognised in the Statement of Financial Activities.
```
## **`Taxation`**
```
TheCompanyisaRegisteredCharity(number1130797).Allactivitiesareundertakentofulfilthe primary
objectives of the charity and are therefore exempt under Part 11 of the Corporation Tax Act 2010.
```
## **`Fund accounting`**
```
The funds of the charity comprise:
```
```
Unrestrictedgeneralfundsthatare availablefor use at the discretionof the Boardof Managementin furtherance
of the general objectives of the charity and which have not been designated for other purposes.
```
```
Restrictedfundsarefundswhicharetobeusedinaccordancewithspecificrestrictionsimposedbydonors or
which have been raised by the charityfor particularpurposes.The cost of raisingand administeringsuch funds are
charged against the specific funds. The aim and use of each fund is set out in the notes to the financial statements.
```
## **`Pension costs and other post-retirement benefits`**
```
Thecharitablecompanycontributestoadefinedcontributionpensionscheme,theNESTWorkplace Pension
Scheme,onbehalfofitsemployees.Contributionspayabletothepensionschemearechargedtothe Statement
of Financial Activities in the period to which they relate.
```
## **`Critical accounting estimates and judgments`**
```
In the applicationof the charity'saccountingpolicies,the trusteesare requiredto make judgments,estimates and
assumptionsaboutthecarryingamountof assetsandliabilitiesthatarenotreadilyapparentfromother sources.
The estimateand associatedassumptionsare based on historicalexperienceand otherfactorsthat are considered
to be relevant. Actual results may differ from these estimates.
```
```
Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccounting estimates
are recognised in the period in which the estimate is revised.
```
```
The trustees do not considerthat there are any criticalestimates or areas of judgementthat need to be brought to
the attention of the readers of the financial statements.
```
```
continued...
```
```
Page 16
```
```
West Itchen Community Trust Limited
```
|**`Notes to the Financial Statements- continued`**
**`for the Year Ended 31 March 2023`**
**`2.`**
**`DONATIONS AND LEGACIES`**
`Grants`
`Grants received, included in the above, are as follows:`
`Other grants`
**`3.`**
**`OTHER TRADING ACTIVITIES`**
**`Income earned from other trading activities.`**
`Property Rental Income`
**`4.`**
**`INCOME FROM CHARITABLE ACTIVITIES`**
`Income from charitable activities- PHT Northam`
`Income from charitable activities- Covid Restart Grant`
**`5.`**
**`RAISING FUNDS`**
**`Raising donations and legacies`**
`Subscriptions`||`31.3.23`
`£`
`-`
`31.3.23`
`£`
`-`|`31.3.23`
`£`
`-`
`31.3.23`
`£`
`-`|`31.3.23`
`£`
`-`
`31.3.23`
`£`
`-`|`31.3.22`
`£`
`55,125`
`31.3.22`
`£`
`55,125`|
|---|---|---|---|---|---|
||||`31.3.23`||`31.3.22`|
||||`£`||`£`|
||||`332,238`||`302,822`|
|||||||
|||||||
||`31.3.23`||||`31.3.22`|
||`£`||||`£`|
||`-`||||`27,125`|
||`-`||||`28,000`|
|||||||
|||||||
||`-`||||`55,125`|
|||||||
||`31.3.23`
`£`
`-`||||`31.3.22`
`£`
`298`|
```
continued...
```
```
Page 17
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 March 2023`**
## **`6. CHARITABLE ACTIVITIES COSTS`**
|**`CHARITABLE ACTIVITIES COSTS`**|||
|---|---|---|
|`Support Costs`
**`SUPPORT COSTS`**||`Support`
`costs (see`
`note 7)`
`£`
`21,693`|
||`31.3.23`|`31.3.22`|
||`£`|`£`|
|`Management costs`|||
|`Bookkeeping and accountancy fees`|`15,601`|`12,735`|
|`Fundraising Charitable Expenses- Fitness Champions`|`-`|`150`|
||||
||`13,601`|`12,885`|
|`Governance costs`|||
|`Audit fees`|`5,920`|`4,500`|
|`Legal fees`|`172`|`5,734`|
||||
||`9,172`|`10,234`|
||||
|`Total support costs`|`21,693`|`23,119`|
||||
## **`7. SUPPORT COSTS`**
```
Supportcostsarethosecostswhichdonotrelatedirectlytoasingleactivity.Thesemayincludecosts of
administration and governance costs. Support costs are allocated between activities on an appropriate basis.
```
```
continued...
```
```
Page 18
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 March 2023`**
## **`8. OTHER`**
## **`Other trading activities`**
|**`Other trading activities`**|||
|---|---|---|
||`31.3.23`|`31.3.22`|
||`£`|`£`|
|`Other trading activities- Property Operations & other resources`|`235,752`|`203,697`|
|`Other trading activities: wages not allocated to funds`|`91,038`|`126,790`|
||||
||`326,790`|`330,487`|
||||
||||
||||
||`31.3.23`|`31.3.22`|
||`£`|`£`|
|**`Charitable activities by fund type`**|||
|`PHT- Northam`|`-`|`16,831`|
|`PHT- St. Mary's`|`-`|`15,853`|
||||
||`-`|`32,684`|
||||
||||
||||
||`31.3.23`|`31.3.22`|
|**`Charitable activities by activity type`**|`£`|`£`|
|`PHT- Northam`|`-`|`16,831`|
|`PHT- St Mary's`|`-`|`15,853`|
||||
||`-`|`32,684`|
||||
## **`9. NET INCOME/(EXPENDITURE)`**
```
This is stated after charging/(crediting):
```
||`31.3.23`|`31.3.22`|
|---|---|---|
||`£`|`£`|
|`Furlough grants`|`-`|`(9,643)`|
|`Depreciation of owned fixed assets`|`4,253`|`5,671`|
|`Depreciation of assets held under hire purchase agreements`|`105`|`157`|
|`Depreciation of leasehold properties`|`6,440`|`6,440`|
|`Hire of plant and machinery`|`6,695`|`4,197`|
|`Interest payable on bank loans`|`99,112`|`63,457`|
|`Operating lease payments`|`8,700`|`8,700`|
|`Bookkeeping fees`|`13,601`|`12,735`|
|`Auditors' fees-for audit services`|`5,920`|`4,500`|
|`Auditors' fees- accountancy services`|`2,000`|`-`|
```
continued...
```
```
Page 19
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`10. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees'remunerationor otherbenefitsfor the year ended31 March2023 nor for the year ended
31 March 2022.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
```
## **`11. STAFF COSTS`**
|`Wages and salaries`
`Social security costs`
`Other pension costs`
`The average monthly number of employees during the year was as follows:`
`Central Support Staff`|`31.3.23`
`£`
`85,640`
`4,511`
`887`
`91,038`
`31.3.23`
`2`|`31.3.22`
`£`
`130,201`
`9,379`
`412`|
|---|---|---|
|||`139,992`|
|||`31.3.22`
`3`|
```
No employee received emoluments exceeding £60,000 in 2023 or 2022.
```
```
TheExecutiveManagementTeamcomprisesaCEOandadeputyCEO,butthelatterleftthisemployment during
theyear.Thetotalemployeebenefitsof thekeymanagementpersonnel(includingEmployersNational Insurance
Contributions) were £59,864 (2022 £82,135).
```
## **`12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
|**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
**`Charitable activities`**
`Charitable activities`
`Other trading activities`
`Other income`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
**`Charitable activities`**
`Charitable activities`|`Unrestricted`
`funds`
`£`
`28,000`
`21,274`
`302,822`
`9,643`
`361,739`
`298`
`-`|`Restricted`
`funds`
`£`
`27,125`
`-`
`-`
`-`
`27,125`
`-`
`32,684`|`Total`
`funds`
`£`
`55,125`
`21,274`
`302,822`
`9,643`|
|---|---|---|---|
||||`388,864`|
||||`298`
`32,684`|
```
continued...
```
```
Page 20
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 March 2023`**
|**`12.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`**
`Unrestricted`
`funds`
`£`
`Support Costs`
`22,969`
`Other`
`330,489`
**`Total`**
`353,756`
**`NET INCOME/(EXPENDITURE)`**
`7,983`
**`Other recognised gains/(losses)`**
`Gains on revaluation of fixed assets`
`650,000`
**`Net movement in funds`**
`657,983`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`1,938,797`
**`TOTAL FUNDS CARRIED FORWARD`**
`2,596,780`
**`13.`**
**`TANGIBLE FIXED ASSETS`**
`Fixtures`
`Long`
`and`
`leasehold`
`fittings`
`£`
`£`
**`COST`**
`At 1 April 2022 and 31 March 2023`
`805,000`
`67,153`
**`DEPRECIATION`**
`At 1 April 2022`
`16,840`
`50,142`
`Charge for year`
`6,440`
`4,253`
`At 31 March 2023`
`23,280`
`54,395`
**`NET BOOK VALUE`**
`At 31 March 2023`
`781,720`
`12,758`
`At 31 March 2022`
`788,160`
`17,011`|`Restricted`
`funds`
`£`
`150`
`-`
`32,834`
`(5,709)`
`-`
`(5,709)`
`31,789`
`26,080`
`Computer`
`equipment`
`£`
`26,790`
`26,476`
`105`
`26,581`
`209`
`314`||`Total`
`funds`
`£`
`23,119`
`330,489`|
|---|---|---|---|
||||`386,590`|
||||`2,274`
`650,000`|
||||`652,274`
`1,970,586`|
||||`2,622,860`|
||||`Totals`
`£`
`898,943`
`93,458`
`10,798`
`104,256`
`794,687`
`805,485`|
```
The longleaseholdpropertiesare statedat valuationsobtainedin September2021,less depreciation.See note 14
for further details about the 2021 valuation and subsequent valuation in February 2024.
```
```
The original cost of the leasehold properties was £760,000.
```
```
continued...
```
```
Page 21
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 March 2023`**
## **`14. INVESTMENT PROPERTY`**
|**`INVESTMENT PROPERTY`**||
|---|---|
|**`FAIR VALUE`**
`At 1 April 2022`
`and 31 March 2023`
**`NET BOOK VALUE`**
`At 31 March 2023`
`At 31 March 2022`|`£`
`3,737,975`|
||`3,737,975`|
||`3,737,975`|
```
The investmentpropertieswere valuedin September2021 basedon the fairmarketvalueat thattime taking into
account the rental market at that time.
```
```
This was an internalvaluationby two RICS qualifiedsurveyors.One was a trustee and one was the deputyCEO and
property manager of the Trust.
```
```
The original cost of the freehold investment property was £1,462,500.
```
```
Fair value at 31 March 2023 is represented by:
```
|`Fair value at 31 March 2023 is represented by:`||
|---|---|
|`Valuation in 2012`
`Valuation in 2019`
`Valuation in 2021`
`Cost`|`£`
`1,053,500`
`339,000`
`882,975`
`1,462,500`|
||`3,737,975`|
## **`Subsequent valuation`**
```
Basedon a provisionalvaluationcarriedoutby charteredsurveyorson behalfof the charity'sbankersin February
2024,therehasbeenareductioninvaluationoftheinvestmentpropertiesofapproximately£383,000.The long
leaseholdpropertiesshown in Note 13 were valued at the same time and were found to have increasedin value by
approximately £40,000.
```
```
Asthevaluationshavenotbeenformallyagreedbythebank,thetrusteeshavenotretrospectivelyapplied the
valuations to the amounts shown in these accounts.
```
```
continued...
```
```
Page 22
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 March 2023`**
## **`15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
|**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**|||
|---|---|---|
||`31.3.23`|`31.3.22`|
||`£`|`£`|
|`Trade debtors`|`92,109`|`43,076`|
|`Other debtors`|`1,358`|`1,133`|
|`Prepayments and accrued income`|`2,558`|`2,463`|
||`96,025`|`46,672`|
```
16.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
```
|`Bank loans and overdrafts (see note 18)`
`Trade creditors`
`Social security and other taxes`
`VAT`
`Other creditors`
`Accruals and deferred income`|`31.3.23`
`£`
`58,537`
`1,933`
`4,899`
`13,141`
`215`
`103,673`
`182,398`|`31.3.22`
`£`
`58,847`
`13,076`
`3,120`
`4,414`
`214`
`39,218`|
|---|---|---|
|||`118,889`|
## **`Loans`**
```
The charitablecompanyobtainedloan fundingin order to redevelopthe Acorn IndustrialSite which represents the
majorityofloanfunding.Afurther£300,000loanwastakentopurchasetheFreeholdatEmpressRoadand for
furtherpropertydevelopmentintoNorthumberlandRoad(StAlbans).At5April2023thevariousloans were
consolidatedintooneloanof£1,920,000,repayableoverthreeyearsbyquarterlyinstalmentsandbearing an
interest rate of 2.95% over the Bank of England base rate.
```
```
ABounceBackloanof£50,000wastakenoutinAugust2020.UnderthetermsofBounceBackloans,it is
unsecured,repayableover six years with no principalrepaymentsover the first 12 monthsand has an interest rate
of 2.5%.
```
```
These loans,except the BounceBack loan,have been securedagainstthe propertyportfolioheld by the charitable
company.The total amount secured against the property at 31 March 2023 is £1,881,000 (2022: £1,932,565).
```
## **`Deferred income`**
```
This represents rental income received in advance of the due date.
```
```
continued...
```
```
Page 23
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`**
|**`17.`**
**`CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`**|||||
|---|---|---|---|---|
|`Bank loans (see note 18)`
`Other creditors`
`The following liabilities are secured by the charity :`
`Bank loans and overdraft`
**`18.`**
**`LOANS`**
`An analysis of the maturity of loans is given below:`
`Amounts falling due within one year on demand:`
`Bank loans`
`Amounts falling between one and two years:`
`Bank loans - 1-2 years`
`Amounts falling due between two and five years:`
`Bank loans - 2-5 years`||`31.3.23`
`£`
`1,861,395`
`76,596`
`1,937,991`||`31.3.22`
`£`
`1,920,544`
`96,050`
`2,016,594`|
|||`31.3.23`||`31.3.22`|
|||`£`||`£`|
|||`1,881,000`||`1,880,633`|
||||||
|||`31.3.23`
`£`
`58,537`
`58,500`
`1,802,895`||`31.3.22`
`£`
`58,847`
`58,917`
`1,861,627`|
```
continued...
```
```
Page 24
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 March 2023`**
## **`19. MOVEMENT IN FUNDS`**
|**`Unrestricted funds`**
`General fund`
`Revaluation Reserve`
**`Restricted funds`**
`Champions Forum`
`Chances for Change`
`Fitness Champions`
`Funds held for NRA`
`Gardening C4C`
`Health Promotion`
`High Street Renewal Award`
`Priory Road`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are`
**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.4.22`
`£`
`1,692,116`
`904,664`
`2,596,780`
`11,600`
`(150)`
`4,964`
`12`
`4,477`
`1,534`
`3,883`
`(240)`
`26,080`
`2,622,860`
`as follows:`|`Net`
`movement`
`in funds`
`£`
`(74,736)`
`-`
`(74,736)`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`(74,736)`
`Incoming`
`resources`
`£`
`326,488`
`326,488`||`Transfers`
`between`
`funds`
`£`
`26,080`
`-`
`26,080`
`(11,600)`
`150`
`(4,964)`
`(12)`
`(4,477)`
`(1,534)`
`(3,883)`
`240`
`(26,080)`
`-`
`Resources`
`expended`
`£`
`(401,224)`
`(401,224)`|`At`
`31.3.23`
`£`
`1,643,460`
`904,664`
`2,548,124`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`-`
`2,548,124`
`Movement`
`in funds`
`£`
`(74,736)`
`(74,736)`|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
```
continued...
```
```
Page 25
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`19. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|**`Unrestricted funds`**
`General fund`
`Revaluation Reserve`
**`Restricted funds`**
`Champions Forum`
`Chances for Change`
`Fitness Champions`
`Funds held for NRA`
`Gardening C4C`
`Health Promotion`
`High Street Renewal Award`
`Peoples Health Trust Northam`
`Peoples Health Trust St Mary's`
`Priory Road`
**`TOTAL FUNDS`**|`At 1.4.21`
`£`
`1,684,132`
`254,665`
`1,938,797`
`11,600`
`(150)`
`5,114`
`12`
`4,477`
`1,534`
`3,883`
`(10,294)`
`15,853`
`(240)`
`31,789`
`1,970,586`|`Net`
`movement`
`in funds`
`£`
`7,983`
`650,000`
`657,983`
`-`
`-`
`(150)`
`-`
`-`
`-`
`-`
`10,294`
`(15,853)`
`-`
`(5,709)`
`652,274`|`At`
`31.3.22`
`£`
`1,692,115`
`904,665`
`2,596,780`
`11,600`
`(150)`
`4,964`
`12`
`4,477`
`1,534`
`3,883`
`-`
`-`
`(240)`
`26,080`
`2,622,860`|
|---|---|---|---|
```
Comparative net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`General fund`
`Revaluation Reserve`
**`Restricted funds`**
`Fitness Champions`
`Peoples Health Trust Northam`
`Peoples Health Trust St Mary's`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`361,739`
`-`
`361,739`
`-`
`27,125`
`-`
`27,125`
`388,864`|`Resources`
`expended`
`£`
`(353,756)`
`-`
`(353,756)`
`(150)`
`(16,831)`
`(15,853)`
`(32,834)`
`(386,590)`|`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`-`
`7,983`
`650,000`
`650,000`
`650,000`
`657,983`
`-`
`(150)`
`-`
`10,294`
`-`
`(15,853)`
`-`
`(5,709)`
`650,000`
`652,274`|
|---|---|---|---|
```
continued...
```
```
Page 26
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`19. MOVEMENT IN FUNDS - continued`**
## **`UNRESTRICTED FUNDS`**
## **`Revaluation Reserve`**
```
TheRevaluationReserverepresentsthesurplusonrevaluationoftheinvestmentpropertysubsequentto the
amount originally recognised on acquisition.
```
## **`PURPOSE OF RESTRICTED FUNDS`**
## **`Peoples Health Trust Northam`**
```
ThePeople'sHealthTrusthasfundsallocatedfordevelopingalocalareaplanwithintheHealthShape Local
SocietyAreaforcommunityengagementwhichwerenotspentattheendoftheyearandtheseare carried
forward to the next financial year.
```
## **`Peoples Health Trust St Mary's`**
```
People'sHealthTrustStMary'sgranthasfundsallocatedforthedevelopmentofthecommunityinthisarea and
represents funds left at the end of the year. These are carried forward to the next financial year.
```
## **`High Street Renewal Award`**
```
TheHighStreetRenewalFundhasfundsallocatedtowardstheregenerationoftheHighStreetinNortham Road
which were not spent in the year. These are carried forward to next financial year.
```
## **`Chances For Change`**
```
The Chances4 Changefundhas fundsallocatedfor sportsandhorticulturalprojects.There was a small overspend
at the year-end which will be carried forward at present in lieu of potential further funding for this project.
```
## **`Health Promotion`**
```
The grant is restricted to promote health in the community and any surplus will be carried forward at the year end.
```
## **`Champions Forum`**
```
Championsforumgrantwas receivedto recruitandtraincommunitystreetchampionsandfundsnot spentat the
end of the year are carried forward to the next financial year.
```
## **`Funds held for NRA`**
```
This representsfunds held for NewtownResidentAssociationto be used for restrictedpurposesand any funds left
at the financial year end will be carried forward.
```
## **`Coastal Communities`**
```
FundingisbeingadvancedtoprojectsintheNorthamareawhichwillbemetbygrantfundinginarrears or
covered by the Northam PHT grant fund. Any surpluses that arise will be carried forward.
```
## **`Fitness Champions`**
```
continued...
```
```
Page 27
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`19. MOVEMENT IN FUNDS - continued`**
```
This representsthe remaininggrant from Chances 4 Change to be used specificallyfor fitness and any funds held at
the financial year end will be carried forward.
```
## **`Gardening C4C`**
```
GardeningC4C are funds grantedfor the communalgardenprojects.Fundsleft at the end of the financialyear will
be carried forward.
```
## **`Priory Road`**
```
This fund relates to costs for a luncheon club and costs incurred. There are no surplus funds at the year end.
```
## **`Transfers between funds`**
```
DuringtheyearallRestrictedfundsweretransferredtotheGeneralUnrestrictedfund.Thefundswere restricted
bythecharityratherthanthefunderandwhenthesupportstaffweremaderedundantitwasagreedby the
charitythatthefundsshouldbetakenbackintounrestrictedfundsforuseforgeneralratherthan specific
charitable activities.
```
## **`20. OTHER FINANCIAL COMMITMENTS`**
```
The charity has minimum lease payments under non-cancellable operating lease falling due:
```
||`2023`|`2022`|
|---|---|---|
||`£`|`£`|
|`Within one year`|`8,700`|`8,700`|
|`After more than one year`|`4,350`|`13,050`|
||||
||`13,050`|`21,750`|
||||
## **`21. RELATED PARTY DISCLOSURES`**
```
TheCEOofthecharity,RichardHarwood,receivedaninterest-freetravelloanfromthecharityduringthe year.
The amountadvancedto him duringthe yearwas £2,954andthe amountoutstandingat the end of the year was
£1,358.
```
```
continued...
```
```
Page 28
```
```
West Itchen Community Trust Limited
```
## **`Notes to the Financial Statements - continued for the Year Ended 31 March 2023`**
## **`22. EXCEPTIONAL ITEM`**
```
AsdisclosedinmoredetailintheTrustees’Report,thetrusteesweremadeawareofaseriousevent which
requiredimmediatenotificationtotheCharityCommission.Fraudhadbeendetectedcoveringaperiodof four
months from January2022. The amountstaken from the charitywere £560: 2022 and £1,206: 2023. Full disclosure
andco-operationwiththeCharityCommissionwasfollowedandtheCharityCommissionagreedthatthe correct
procedureshad been followedboth duringand after the event. The person involvedcooperatedand has paid back
all monies.
```
```
Page 29
```